City Markets pension saga in further delay
Former employees of the now-defunct City Markets will have to wait at least a fortnight to find out whether they are closer to a resolution in the more than four-year battle to receive their pensions and due severance pay.
Grand Lucayan sale offers tourism rebirth
The potential rebirth of Grand Bahama’s hotel product moved a step closer yesterday as the 409-acre Grand Lucayan resort was placed on the auction block, an adviser saying: “It’s the right time and place to come to market.”
Grand Lucayan facing strike ‘any day now’
The Government’s decision this week to permit 600 hotel workers to strike coincides with their employer’s move to launch the formal process to sell Freeport’s Grand Lucayan resort.
Resort sale set to deliver ‘big things’
The Minister of Tourism yesterday said the potential sale of Freeport’s Grand Lucayan resort could mean “big things” for Grand Bahama’s if a major hotel brand is secured to operate it.
PM: Bahamas must fix ‘broken systems’
The Prime Minister has conceded that the Bahamas must fix “broken systems that no longer serve our needs” if it is to remain competitive in financial services and other international industries.
Bahamas targets ‘Singapore of Latin America’
The Bahamian financial services industry is targeting reforms to existing products that will enable it to penetrate new markets, with the goal of becoming the “Singapore for Latin America”.
Super Value eyes 5-8% growth post-VAT adjust
Super Value’s owner is hoping for a 5-8 per cent year-over-year sales increase for February and March 2016, telling Tribune Business: “The signs are there.”
April 1 start for NHI ‘impossible’
The private sector yesterday described the April 1 target date for National Health Insurance’s (NHI) roll-out as “impossible, impractical and unreasonable”, the Chamber’s chief executive adding: “It will not happen.”
$62.5m spend increase ‘exactly why we need’ Fiscal Responsibility
The Opposition’s deputy leader yesterday said the projected $62.5 million spending increase beyond original 2015-2016 Budget estimates was “exactly the reason why” the Bahamas needed Fiscal Responsibility-type legislation.
Bahamas ‘in good place’ on automatic exchange
Developing a regime to comply with global automatic tax information exchange standards was yesterday branded “the immediate priority” for the Bahamian financial services industry, a senior executive adding: “We’re in a good place.”
Minister: $200m spend rise not what it seems
A Cabinet Minister yesterday said the $200 million rise in the Government’s recurrent spending was not what it seemed, and largely represented the transfer of expenditure between accounts.
Minister rejects call for VAT exemptions
A Cabinet minister yesterday said it was “oversimplistic” and “problematic” to call for Value-Added Tax (VAT) to be removed from food items and other staple products.
Caribbean to tackle correspondent bank woe at IDB meeting
The Bahamas and wider Caribbean plan to use next month’s Inter-American Development Bank (IDB) Board of Governors meeting to address the damage being caused by loss of US correspondent banking relationships.
Five years to accrual accounting for Gov’t
A Cabinet Minister yesterday said it would take five years to fully phase-in accrual accounting to the Government’s financial management, while acknowledging that the current cash-based method has “severe limitations”.
Gov’t raises spending $62.5m above Budget
The Government has quietly increased its total spending forecast for the 2015-2016 fiscal year by $62.636 million, raising fears that its deficit could exceed $200 million.
